Newark Advances Eminent Domain Plan to Slow Foreclosures

Newark Advances Eminent Domain Plan to Slow Foreclosures

Newark, New Jersey's most populous city, is moving forward with a plan that could use government power to seize underwater mortgages to help homeowners reduce debt and avoid foreclosure. The Newark City Council voted unanimously last week to begin legal research toward a program of making marke...

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Veröffentlicht in:National Mortgage News 2013-12, Vol.38 (12), p.2
1. Verfasser: Bloomberg News
Format: Artikel
Sprache:eng
Schlagworte:
Asset acquisitions
Eminent domain
Eminent domain (Law)
Foreclosure
Government sponsored enterprises
Housing
Legal research
Local government
Mortgages
News agencies
Planning
Real estate industry
Right of property
State court decisions
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Zusammenfassung:Newark, New Jersey's most populous city, is moving forward with a plan that could use government power to seize underwater mortgages to help homeowners reduce debt and avoid foreclosure. The Newark City Council voted unanimously last week to begin legal research toward a program of making market-value offers on the most toxic loans and reissuing them to homeowners at the lowered amount.
ISSN:1050-3331